The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-25

A reporter Of the Associated Press saw Mr.
Gould in his Office and Mr.. Gould furnished him
with the following:
ITO John j. Kiernan-The bulletin you are
putting out that my Manhattan stock is in loan
is malicious falsehood Not share OF my
Manhattan is in loan or has had my name
the back nor do / owe dollar In the world.
'JAY GOULD"
Mr. Gould said further that the story that he
and Mr. CYRUS w Field had ouarreled was I'M
trne: that he and Mr. Field were as good friends
ever. The rumor that Mr. Field is in trouble
is also baseless.
The excitement reached it's greatest height
shortly before noon and veriiable panic was
developed. No attention was paid by brokers to
fractions in sales made by them, and fluctuations
were go wild that sales we're sometimes from
to 10 per cent. apart. The stocks bought near
the opening were thrown over when the break
occurred. and this selling completely demoralized
cry of orders kept the clerks and
messengers fully as busy as the
brokers, and the street was scene OF
more excitement that has been witnessed since
the panic III May, 1885, The room during the
panic was filed with rumors of all kinds. and
kilograms from all points followed each other in
curing about the many reports which WERE by
this time. circulated all over the country The
increased short interest saved the room from a
panic by IT'S demand for stock for delivery. and
S. V. White and some other large operators en-
tered the market and began buying freely. They
soon gathered large following, and the buying
fallen. and stocks took long jumps back to their
former prices. Manhattan recovered 20 per
cent. of its loss, and other stocks generally re-
covered about half the decline recorded. NO
failures were announced as the result OF the
break.
Regarding the statement that there had been a
falling-out between jaw Gould, Russell Sage
and Cyrus Field, George Gould says: cit is all
a mistake; there@has been nothing between my
father, Mr. Sage and Mr.. Field of nature
other than the most friendly It is all some
trumped-up scheme of some Wall-street opera
tors to influence the market That their rela-
tons the most friendly am positive. The
sharp break in the stock market this morning
undoubtedly caused by an over amount of
selling by the bear crowd and the stringency in
money think the market is q buy now on all
breaks At present think the long side is the
safe side But so far as any falling-out between
Mr. Sage, Mr.. Field and my father having caused
the break, it is false"
In most cases the greater part of the loss was
recovered by o'clock. Missouri Pacific making
the greatest advance. as measured by figures, al
though it did not get within 3 per cent. OF its
opening price Manhattan, on the contrary was
persistentlv in the neighborhood of its noon
price. With the increasing strength the activ-
ity disappeared, and by P. M. the market had
become dull at any time in the past few
days. Toward P. NJ there was renewal of
the heavnoss, with more activity. but 1t again
disappeared and at 2:15 the market was quiet
and firm. When the delivery hour-2:30-
passed at the Stock Exchange without bringing
announcements of any failures, the street be-
came more confident, and buying orders were re-
ceived from all sources. The 'bears' attempted
to cover at the same time that the big operators
like ScheDp began to buy and the consequence
Was, almost all the loss sustained during the
panic of the morning was regained. Schepp bid
for blocks of 5000 shares at time, and the Van
derbiit brokers made bids for as large blocks OF
their specialties The trading for the day was
the liveiest that is remembered, the whole list
having declined and rallied from to 20 per
cent. The feeling is now more confident, and it
is generally thought that the losses widely
scattered through the country. and are not
fined to the city, as in the previous panics.
Money is still scarce, even at the high rates
charged, and this is considered the worst feature
of the market.
The market closed firm but quiet at the ad-
afternoon in regard to the rumor that he and
Jay Gould aud Russell Sage had had falling
ont, causing the big drop in stocks to-day. Mr..
Field appeared to be very much amused about
the report. He said: There Is nothing in it;
not the slightest foundation for the story.
was down Mr.. Gould's office to-day. We
ever in it, nothing whatever" When asked in
regard to the DROP he said, with a knowing
smile: why. somebody has been selling, that's
all'
Vce-presdent Sykes. of the Northwestern,
said he did not see any reason for the furry.
The Northwestern and Omaha Railroad Com
panies large lenders of money, up in the
millions, and never exacted over g per cent
Northwestern was, he said, disbursng this week
$1,000, 000 The dividend on Northwestern is
due tomorrow. but the company was anticipat-
ing its payment. and had, up to l o'clock, paid
account 100000. Wall street was
such sla' a great decline could occur without
dragging down some of the bull houses which
have been carrying large lines of stocks but this
derbt and Philadelphia capitalists had taken
up stocks which were in weak hands, and re-
lieveG the holders of the necessity of sacrificing
them. Cyrus W. Field. report said, had
taken up ST. 900. 900 of Manhattan stock.
The only failures resulting from the break
were in the Consolidated Exchange where 3 600
shares of various stocks were sold tor the ac-
count of Thomas Murphy, who was unable to re-
spopd to the call for more margins. and some
small lots were closed out for a broker named
Casey, who was reported sick and unable to APP
pear The president of the Consolidated Ex-
change has al nounced that Thomas Murphy. the
broker for whose account 5000 shares of stock
were sold under the rule, will settle all claims in
full.
The following review was issued by Henry
Clews e. Co. to-day:
The surge in the market should not have
been unexpected. every day for a fortnight or
more past record predicting just
such a back set as Wall street has now met with.
The effect will be beneficial however, as it will
very likely prevent a more serious settlement.
If the day of reckoning had been deferred to the
crcp-moving season, instead Of today further
trouble must have resulted here and elsewhere.
The stock market. not unlike the wheat and cof
s Or ls %s'A' dsnsd for several days e
to-day's shock. occasioned by the heavy losses
which innumerabe operators have met with.
There too many cripples, we fear, left on the
field for the survivors to march over at quick,
active pace tie way TO recuperation. Still.
Wall street is going 70 stay just where it is, and
will survive this shock and witness many
and downs in the future. The way to make
money is catch the fluctuations There has
undoubtedly been. for long time past. a lack
of fluctuations, showing unnatural market
Its sluggishpess has been due to that fact
When stocks won't 60 MP. the next best thing is
to make them go down to insure activity. They
have just gone down"
Some Methods of Life-Insurance Companies
II. I'll. Gardener. Popular Science M onthly.
man may now, if he is careful and wise in
the choice Of his company. insure his life or, if
insured, he may have the temerity to die, with
fairly grounded expectation of leaving his
family lawsuit for legacy. He may also be
reasonably sure that he is not placing his own
renutation after he in abla to defend t) at the